EV startups that are struggling to make money some of the industry’s analysts say. Tesla’s price cuts have effectively waged a “price war,”
have turned a profit yet, delivering just over 24,000 vehicles last year combined. Cost of goods on Rivian’s vehicles was roughly 2.7 times its revenue in the fourth quarter, and Lucid’s was roughly 2.5 times its sales.
Wedbush Securities analyst Daniel Ives likened the situation to a “Game of Thrones” battle, highlighting how close some of these companies may be to being wiped out.
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